Ted Cruz is trying to sell the GOP's tax reform efforts with a postcard

WASHINGTON — Sen. Ted Cruz of Texas made his pitch on tax reform
Wednesday, as Republicans gear up for their next major policy
goal after the failure to repeal and replace the Affordable Care
Act earlier this year.

Cruz delivered a speech at Hillsdale College’s Kirby Center in
Washington, where he called for several major themes in the
coming tax reform debate, including reductions to individual
and corporate rates, encouraging repatriation, allowing immediate
expensing, and more.

One point Cruz emphasized was a plan most Republican lawmakers
have championed in the push for the first major tax policy
overhaul in three decades — simplifying the way an individual
files their annual taxes.

Cruz noted the desire to limit tax filing so that it can be
simple enough to fit on a document the size of a postcard. The
small size of the document, Cruz said, "means Congress can't come
and add a whole bunch of other provisions."

"The simple — now look, I wouldn't put it past them to say let's
print it in four point font, so you need a magnifying glass," he
added. "But the beauty of the postcard is simply the limitations
of this is it, no more."

One of the areas Cruz touched on where congressional Republicans
are somewhat divided with the White House was on the issue of tax
rates for corporations and business.

Trump administration officials are said to be pushing for a 15%
corporate rate, while Congress prefers something a little higher
in the realm of 20-25%. Both proposals are significantly lower
than the US' current rate of 35%.

Cruz sided on the lower end of the spectrum, saying, “To be
competitive on the global stage, you are looking at 15%,
20% which is much more in line with where the other
countries are than our current punitive 35%."

Cruz also noted that he would like to see the tax reform effort
coupled with a repeal of the 2010 law known as Dodd-Frank, which
he said has "wreaked havoc" on small banks and credit unions.

"Dodd-Frank is great if you're a giant financial institution," he
said. "It is lousy if you're a local community bank, if you're a
credit union. And the four years after Dodd-Frank, community
banks lost market share at a rate double what they were losing
before then — 12% versus 6%."

However, the tax reform effort will likely face several
hurdles on Capitol Hill. And roping in a Dodd-Frank repeal could
scare off moderate Democrats the president has currently been
courting.